Developers urged to think twice on larger units

Fri 6 May 2016

Developers are being urged to look at demand before committing to larger units following research from Benham & Reeves Residential Lettings. According to their statistics 49% of all flats let across its 15 London offices have been two-bedroom apartments. One-bedroom units constitute 22% of all transactions, studios 11% and the remaining 18% are apartments and […]

FHL issues buy-to-let warning

Thu 5 May 2016

Foundation Home Loans has cautioned against brokers taking out pay rate buy-to-let products on fixed or lifetime tracker mortgages. With pay rate loans landlords can commonly borrow more, however with the Prudential Regulation Authority introducing a minimum stress test of 5.5% FHL’s commercial director Simon Bayley suggested they might have trouble refinancing down the line. […]

3mc launches Foundation buy-to-let exclusive

Thu 5 May 2016

Distributor 3mc is marketing a buy-to-let exclusive from Foundation Homeloans at 3.49% for a 2-year fix up to 65% loan-to-value for individuals and limited company applications. The deal will be available through 3mc’s network partner Home Loan Partnership, The Right Mortgage and Protection Network and Sesame and to directly authorised members of the PMS Mortgage Club. Doug […]

Fear of Brexit stalls economy

Thu 5 May 2016

The prospect of a Brexit is “stalling” economic growth in April, a Markit/CIPS survey suggests. GDP growth fell from Q1’s rate of 0.4% to just 0.1% last month as the UK service sector grew at its slowest pace in three years. Scott Bowman, UK economist at Capital Economics, said the data “suggests that Brexit concerns […]

Double appointment for Dragonfly

Thu 5 May 2016

Dragonfly has hired Chris Holden and Lauren Gill as external business development managers. Holden will focus on the South of England and Gill will handle the West of England. D’mitri Zaprzala, head of sales at Dragonfly Property Finance, said: “Demand in London may have cooled down but the slack has been more than taken up […]

Secure Trust Bank reports strong start to 2016

Thu 5 May 2016

Secure Trust Bank reported a strong start to 2016 despite curbing its residential development lending ahead of a possible Brexit. And addressing shareholders at the annual general meeting chairman Sir Henry Angest said the bank is well positioned to make progress throughout the rest of the year with its asst and commercial finance divisions performing well. He said: […]

Aldermore reduces commercial rates

Wed 4 May 2016

Aldermore has reduced its rates across their full range of commercial owner occupied and commercial investment mortgages for loans between £100,000 and £500,000. Additionally for a limited period, whether applying through a broker or direct, a 0.4% discount will be applied. Charles Haresnape, Aldermore’s group managing director, mortgages, said:  “With record low interest rates and […]

Buy-to-let crackdown branded “ridiculous”

Wed 4 May 2016

Multiple measures to curb buy-to-let have been branded “ridiculous” by a pressure group campaigning against the government’s decision to phase out tax relief for landlords. Steve Bolton, founder of Platinum Property Partners and a co-leader of a judicial review against the government to reverse the proposed changes to mortgage interest tax relief said: “It is […]

Precise parent rejects buyout bid

Wed 4 May 2016

The private equity firms hoping to buy Charter Court Bank at a knock-down price have been left disappointed after the bank’s investor, Elliott Associates rejected all bids this week. Charter Court, which owns Precise Mortgages and Exact, was on the market for £400m but it is believed that BC Partners, Varde Partners and Warburg Pincus […]

Challenger banks face £70m tax bill after changes

Wed 4 May 2016

The 8% surcharge on bank profits is set to leave the UK’s challenger banks facing a £70m tax bill, a recent report into the sector from accountancy giants KPMG has claimed. In the Summer Budget of 2015 Chancellor George Osborne introduced the new 8% surcharge on the profits of any bank with profits in excess […]